Delta Air Lines Reports June 2009 Quarter Financial Results

CONTACT: Investor Relations 404-715-2170 Corporate Communications 404-715-2554 Delta Air Lines Reports June 2009 Quarter Financial Results ATLANTA, July 22, 2009 Delta Air Lines (NYSE:DAL) today reported financial results for the June 2009 quarter. Key points include: Delta s net loss for the June 2009 quarter was $199 million, excluding $58 million in merger-related expenses 1, or $0.24 loss per share. Delta s reported net loss for the June 2009 quarter was $257 million, or $0.31 per share. Excluding merger-related expenses and $390 million in realized fuel hedge losses, Delta s net profit was $191 million. In the June 2009 quarter, consolidated unit costs, excluding fuel and special items, were up 2%, on a 7% decline in system capacity. Delta has achieved more than $200 million in synergy benefits in the first half of 2009 from its merger with Northwest Airlines. Delta generated $834 million in operating cash flow during the quarter and had $5.4 billion in unrestricted liquidity as of June 30, 2009. The industry faces substantial challenges from unprecedented revenue declines and volatile fuel prices, but Delta is the best positioned network carrier to weather these economic conditions. I want to thank the Delta people for their hard work and dedication during these difficult times said Richard Anderson, Delta s chief executive officer. Delta has more flexibility and a proven track record of acting quickly to adapt our business to economic challenges. We continue to focus on cost discipline and preserving liquidity, while adjusting our fleet and network and accelerating merger benefits. Revenue Environment Delta s operating revenue on a GAAP 2 basis grew 27% to $7 billion in the June 2009 quarter compared to the prior year period as a result of its merger with Northwest Airlines. On a combined basis 3, total operating revenue declined $2.1 billion, or 23%, and total unit revenue (RASM) declined 17%. -more-

Page 2 (in millions) 2Q09 GAAP 2 2Q08 GAAP 2 Incr (Decr) 2Q09 GAAP 2 2Q08 Combined 3 Incr (Decr) Passenger $5,903 $4,770 24% $5,903 $7,914 (25%) Cargo 173 160 8% 173 373 (54%) Other, net 924 569 62% 924 801 15% Total Operating Revenue $7,000 $5,499 27% $7,000 $9,088 (23%) On a combined basis 3 : Passenger revenue decreased 25%, or $2 billion, compared to the prior year period due to the global economic recession, the estimated $125 million to $150 million impact of the H1N1 virus and a 7% capacity reduction. Passenger unit revenue (PRASM) declined 20%, driven by a 19% decline in yield. Cargo revenue declined 54%, or $200 million, reflecting lower volume and yield due to the recession. Freighter capacity was 50% lower year over year, as Delta continues to reduce capacity to achieve its plan of discontinuing all freighter flying by the end of 2009. Other, net revenue grew 15%, or $123 million, primarily due to increased baggage fee revenue and improved terms from Delta s affinity card agreement with American Express. Comparisons of revenue-related statistics are as follows: Increase (Decrease) 2Q09 (GAAP 2 ) versus 2Q08 (Combined 3 ) 2Q09 ($M) GAAP 2 Change YOY Unit Revenue Yield Capacity Passenger Revenue Domestic $2,723 (24.8%) (18.0%) (18.6%) (8.3%) Atlantic 1,131 (29.5%) (26.2%) (26.4%) (4.5%) Latin America 287 (21.4%) (18.1%) (14.6%) (4.0%) Pacific 423 (37.2%) (25.3%) (16.8%) (15.9%) Total mainline 4,564 (27.2%) (20.9%) (20.1%) (7.9%) Regional 1,339 (18.8%) (18.7%) (17.8%) (0.2%) Consolidated $5,903 (25.4%) (19.9%) (19.1%) (6.9%) The global recession continues to significantly impact our business and we are not planning for any meaningful recovery this year, said Edward Bastian, Delta s president. In view of this revenue environment, we are focused on maintaining high levels of liquidity, generating a revenue premium, and maintaining our unit cost advantage. -more-

Page 3 Cost Discipline In the June 2009 quarter, Delta s operating expense on a GAAP basis increased $413 million year over year. This increase is primarily due to the impact of the company s merger with Northwest Airlines, partially offset by lower fuel price in the June 2009 quarter, and a $1.2 billion intangibles impairment charge recorded in the June 2008 quarter. On a combined basis, excluding merger-related expenses and prior year special items, operating expense decreased $1.9 billion due to significantly lower fuel expense. 2Q09 2Q08 Incr 2Q09 2Q08 Incr (in millions, except where noted) GAAP 2 GAAP 3 (Decr) GAAP 2 Combined 3 (Decr) Operating expense $6,999 $6,586 6% $6,999 $10,474 (33%) Operating expense ex- special items $6,941 $5,286 31% $6,941 $8,850 (22%) Consolidated CASM 11.55 16.66 (31%) 11.55 15.99 (28%) Consolidated CASM ex-fuel expense and special items 8.06 7.98 1% 8.06 7.88 2% Mainline CASM 10.62 15.52 (32%) 10.62 15.08 (30%) Mainline CASM ex-fuel expense and special items 7.20 6.88 5% 7.20 7.06 2% Non-operating expense ($254) ($76) NM ($254) ($155) 64% On a combined basis: Both consolidated and mainline unit cost (CASM 4 ), excluding merger-related and fuel expenses and prior year special items, increased 2% year over year in the June 2009 quarter due to higher pension expense. Non-operating expenses excluding special items increased $99 million in the June 2009 quarter primarily due to non-cash debt discount amortization. Liquidity Position As of June 30, 2009, Delta had $5.4 billion in unrestricted liquidity, including $4.9 billion in cash, cash equivalents and short-term investments and $500 million available under an undrawn line of credit. Delta generated $834 million in cash from operations, and $509 million in free cash flow for the quarter. Net investing activities during the quarter were $325 million. In addition, during the quarter, debt and capital lease payments totaled approximately $400 million, and the company issued $330 million in debt related to aircraft purchases. In a difficult economic environment, Delta generated $834 million of cash from operations in the June quarter, allowing us to fund our debt obligations, make investments in our business, and increase our liquidity position, said Hank Halter, chief financial officer. In addition, the hard work of the Delta people -more-

Page 4 in achieving merger synergies and their focus on cost discipline resulted in a consolidated non-fuel CASM increase of only 2% compared to the prior year on a 7% capacity reduction. Merger with Northwest Delta has achieved more than $200 million in synergy benefits from its merger with Northwest Airlines in the first half of 2009, and expects to generate at least $500 million in total synergies in 2009. Synergies achieved year to date have improved revenue from increased market share, Delta s affinity card agreement and alignment of frequent flyer programs. In addition, costs have been reduced through streamlined overhead, facilities and technology, elimination of dedicated freighter flying and supply chain savings. The company is on track in its integration efforts and continues to expect it will achieve its Single Operating Certificate by the end of 2009. Recent achievements include: Announcing a transatlantic joint venture with Air France/KLM with an estimated $12 billion in annual revenue which will result in more flight choices, frequencies, convenient flight schedules, competitive fares and harmonized services for customers. When fully implemented in 2012, the joint venture is expected to generate approximately $200 million in annual incremental pre-tax profits for Delta; Using the Delta and Northwest fleets more effectively across the combined network by launching additional cross-fleeting markets, such as New York-JFK to Narita; Completing the integration and re-branding of more than 200 airports, or more than 80% of total stations; Beginning pilot and flight attendant training to prepare for single carrier operations; Harmonizing onboard products for both domestic and international service, including regional carriers; and Painting 120 pre-merger Northwest aircraft in Delta livery. -more-

Page 5 Fuel Price and Related Hedges Delta hedged 76% of its fuel consumption for the June 2009 quarter, which drove $390 million in realized fuel hedge losses for the period. As a result, Delta s average fuel price 5 for the June 2009 quarter was $2.06 per gallon, which includes $0.33 per gallon associated with fuel hedge losses. The table below represents the fuel hedges Delta had in place as of July 17, 2009: 3Q09 4Q09 2010 Call options 30% 22% 9% Collars - - 1% Swaps 22% 17% - Total 52% 39% 10% Downside participation 78% 83% 99% Avg. crude call strike $75 $82 $71 Avg. crude swap $64 $62 - All-in projected fuel price / gallon* $2.17 $2.05 Hedge loss/gallon included in projected price $0.11 - * Reflects crude and refining cost assumptions of $67.50 and $7.50, respectively. In addition, projected fuel price includes tax and transportation costs of $0.19/gallon, and call option premiums September 2009 Quarter Guidance Delta s projections for the September 2009 quarter are below. This guidance is presented on a combined basis 6. 3Q 2009 Forecast Fuel price, including taxes and hedges $2.17 Operating margin 1% - 3% Capital expenditures $270 million Total liquidity as of Sept, 30, 2009 $5.0 billion 3Q 2009 Forecast (compared to 3Q 2008) Consolidated unit costs - excluding fuel expense Flat to up 2% Mainline unit costs - excluding fuel expense Up 1% - 3% System capacity Down 4% - 5% Domestic Down 3% - 4% International Down 6% - 7% Mainline capacity Down 5% - 7% Domestic Down 4% - 6% International Down 5% - 7% -more-

Page 6 Other Matters Included with this press release are Delta s Consolidated Statements of Operations for the three and six months ended June 30, 2009 and 2008; a statistical summary for those periods; selected balance sheet data as of June 30, 2009 and Dec. 31, 2008; and a reconciliation of certain non-gaap financial measures. About Delta Delta Air Lines is the world s No. 1 airline. From its hubs in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul, New York-JFK, Salt Lake City, Paris-Charles de Gaulle, Amsterdam and Tokyo- Narita, Delta, its Northwest subsidiary and Delta Connection carriers offer service to 382 destinations in 69 countries and serves more than 170 million passengers each year. Delta s marketing alliances allow customers to earn and redeem either SkyMiles or WorldPerks on more than 16,000 daily flights offered by SkyTeam and other partners. Delta s more than 70,000 employees worldwide are reshaping the aviation industry as the only U.S. airline to offer a full global network. Customers can check in for flights, print boarding passes, check bags and flight status at delta.com. Endnotes 1 Note A to the attached Consolidated Statements of Operations provides a reconciliation of non-gaap financial measures used in this release and provides the reasons management uses those measures. 2 Delta s financial results under generally accepted accounting principles (GAAP) include the results of Northwest Airlines for the periods following the completion of the merger, which occurred on Oct. 29, 2008. Unless otherwise indicated, Delta presents financial results on a GAAP basis which reflects both Delta and Northwest financial results for the June 2009 quarter, but only Delta standalone results for the June 2008 quarter. The company also presents financial and operating information on a combined basis, which management believes is more meaningful for comparing year-over-year performance. The combined basis compares Delta s GAAP results for the June 2009 quarter to the combined results of Delta and Northwest for the June 2008 quarter. 3 Combined financial information includes the combined results of Delta and Northwest for the June 2008 quarter. 4 Delta excludes from mainline unit cost expenses for aircraft maintenance and staffing services which it provides to third parties because these expenses are not related to the generation of a seat mile. Similarly, Delta excludes from passenger unit revenues, and includes in other revenue, revenues received for providing aircraft maintenance and staffing services to third parties, freighter operations and MLT. Management believes these classifications provide a more consistent and comparable reflection of Delta s mainline operations. 5 Delta s June 2009 quarter average fuel price of $2.06 per gallon reflects the consolidated cost per gallon for mainline and regional operations, including contract carrier operations, net of fuel hedge impact. 6 Year-over-year guidance comparisons assume the 2008 financial information for the applicable periods include Delta and Northwest results for the entire period, excluding special items and out-of-period fuel hedge losses. -more-

Page 7 Forward-looking Statements Statements in this news release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the effects of the global recession; the effects of the global financial crisis; the impact of posting collateral in connection with our fuel hedge contracts; the impact that our indebtedness will have on our financial and operating activities and our ability to incur additional debt; the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; the ability to realize the anticipated benefits of our merger with Northwest; the integration of the Delta and Northwest workforces; interruptions or disruptions in service at one of our hub airports; our increasing dependence on technology in its operations; our ability to retain management and key employees; the ability of our credit card processors to take significant holdbacks in certain circumstances; the effects of terrorist attacks; and competitive conditions in the airline industry. Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2008. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of July 22, 2009, and which we have no current intention to update. -more-

Page 8 DELTA AIR LINES, INC. Consolidated Statements of Operations (Unaudited) Three Three Months Months June 30, June 30, $ Change % Change (in millions, except per share data) 2009 2008 (1) H(L) H(L) OPERATING REVENUE: Passenger: Mainline $4,564 $3,627 $937 26% Regional carriers 1,339 1,143 196 17% Total passenger revenue 5,903 4,770 1,133 24% Cargo 173 160 13 8% Other, net 924 569 355 62% Total operating revenue 7,000 5,499 1,501 27% OPERATING EXPENSES: Salaries and related costs 1,891 1,092 799 73% Aircraft fuel and related taxes 1,812 1,678 134 8% Contract carrier arrangements (2) 965 967 (2) 0% Depreciation and amortization 383 302 81 27% Aircraft maintenance materials and outside repairs 392 295 97 33% Contracted services 376 257 119 46% Passenger commissions and other selling expenses 329 248 81 33% Landing fees and other rents 315 173 142 82% Passenger service 161 105 56 53% Aircraft rent 119 67 52 78% Impairment of goodwill and other intangible assets - 1,196 (1,196) NM Restructuring and merger-related items 58 104 (46) (44%) Other 198 102 96 94% Total operating expense 6,999 6,586 413 6% OPERATING INCOME (LOSS) 1 (1,087) 1,088 NM OTHER (EXPENSE) INCOME: Interest expense (324) (141) (183) NM Interest income 9 25 (16) (64%) Miscellaneous, net 61 40 21 53% Total other expense, net (254) (76) (178) NM LOSS BEFORE INCOME TAXES (253) (1,163) 910 78% INCOME TAX (PROVISION) BENEFIT (4) 119 (123) NM NET LOSS ($257) ($1,044) $787 75% BASIC AND DILUTED LOSS PER SHARE ($0.31) ($2.64) WEIGHTED AVERAGE SHARES USED IN BASIC AND DILUTED LOSS PER SHARE CALCULATION 827 396 (1) Pursuant to GAAP, results for the June 2008 quarter presented in this table reflect Delta standalone results only. See Note A for a representation of Combined results for the June 2008 quarter, which includes Northwest results for that period. (2) Contract carrier arrangements expense includes $212 million and $384 million for the three months ended June 30, 2009 and 2008, respectively, for aircraft fuel and related taxes.

Page 9 DELTA AIR LINES, INC. Consolidated Statements of Operations (Unaudited) Six Six Months Months June 30, June 30, $ Change % Change (in millions, except per share data) 2009 2008 (1) H(L) H(L) OPERATING REVENUE: Passenger: Mainline $ 8,931 $ 6,688 $ 2,243 34% Regional carriers 2,573 2,182 391 18% Total passenger revenue 11,504 8,870 2,634 30% Cargo 358 294 64 22% Other, net 1,822 1,101 721 65% Total operating revenue 13,684 10,265 3,419 33% OPERATING EXPENSES: Salaries and related costs 3,758 2,183 1,575 72% Aircraft fuel and related taxes 3,705 3,100 605 20% Contract carrier arrangements (2) 1,873 1,895 (22) (1%) Depreciation and amortization 767 599 168 28% Aircraft maintenance materials and outside repairs 816 563 253 45% Contracted services 834 511 323 63% Passenger commissions and other selling expenses 685 473 212 45% Landing fees and other rents 631 340 291 86% Passenger service 296 189 107 57% Aircraft rent 240 131 109 83% Impairment of goodwill and other intangible assets - 7,296 (7,296) NM Restructuring and merger-related items 157 120 37 31% Other 404 213 191 90% Total operating expense 14,166 17,613 (3,447) (20%) OPERATING LOSS (482) (7,348) 6,866 93% OTHER (EXPENSE) INCOME: Interest expense (632) (288) (344) NM Interest income 19 52 (33) (63%) Miscellaneous, net 48 31 17 55% Total other expense, net (565) (205) (360) NM LOSS BEFORE INCOME TAXES (1,047) (7,553) 6,506 86% INCOME TAX (PROVISION) BENEFIT (4) 119 (123) NM NET LOSS ($1,051) ($7,434) 6,383 86% BASIC AND DILUTED LOSS PER SHARE ($1.27) ($18.79) WEIGHTED AVERAGE SHARES USED IN BASIC AND DILUTED LOSS PER SHARE CALCULATION 826 396 (1) Pursuant to GAAP, results for the six months ended June 30, 2008 presented in this table reflect Delta standalone results only. (2) Contract carrier arrangements expense includes $407 million and $704 million for the six months ended June 30, 2009 and 2008, respectively, for aircraft fuel and related taxes.

Page 10 DELTA AIR LINES, INC. Selected Balance Sheet Data (In Millions) June 30, Dec. 31, 2009 2008 (Unaudited) Cash and cash equivalents $ 4,851 $ 4,255 Short-term investments 91 212 Restricted cash, cash equivalents and investments (short-term and long-term) 382 453 Total assets 44,480 45,014 Total debt and capital leases, including current maturities 16,598 16,571 Total shareowners' equity 980 874

Page 11 DELTA AIR LINES, INC. Statistical Summary (Unaudited) Consolidated: Three Months June 30, 2008 2009 Combined 1 Change Revenue Passenger Miles (millions) (2) 49,053 53,237 (7.9%) Available Seat Miles (millions) (2) 59,029 63,399 (6.9%) Passenger Mile Yield (2) 12.04 14.87 (19.0%) Passenger Revenue per Available Seat Mile (PRASM) (2) 10.00 12.48 (19.9%) Operating Cost Per Available Seat Mile (CASM) (2) 11.55 15.99 (27.8%) CASM excluding Special Items (2) - See Note A 11.45 13.43 (14.7%) CASM excluding Special Items and Fuel Expense and Related Taxes (2,3) - See Note A 8.06 7.88 2.2% Passenger Load Factor (2) 83.1 % 84.0 % (0.9) pts Fuel Gallons Consumed (millions) (2) 983 1,071 (8.2%) Average Price Per Fuel Gallon, net of hedging activity (2) $ 2.06 $ 3.39 (39.2%) Number of Aircraft in Fleet, End of Period 1,017 1,031 (14) aircraft Full-Time Equivalent Employees, End of Period 82,968 91,694 (9.5%) Mainline: Revenue Passenger Miles (millions) 42,416 46,513 (8.8%) Available Seat Miles (millions) 50,605 54,960 (7.9%) Operating Cost Per Available Seat Mile (CASM) 10.62 15.08 (29.6%) CASM excluding Special Items - See Note A 10.51 12.12 (13.3%) CASM excluding Special Items and Fuel Expense and Related Taxes - See Note A 7.20 7.06 2.0% Fuel Gallons Consumed (millions) (2) 793 876 (9.5%) Average Price Per Fuel Gallon, net of hedging activity (2) $2.14 $3.29 (35.0%) Number of Aircraft in Fleet, End of Period 759 789 (30) aircraft 1 Data presented reflects operations for both Delta and Northwest for the June 2008 quarter. 2 Data presented includes operations under our contract carrier arrangements. 3 Excludes $212 million and $517 million, for the June 2009 and 2008 quarters, respectively, for fuel expense incurred under contract carrier arrangements.

Page 12 DELTA AIR LINES, INC. Statistical Summary (Unaudited) Consolidated: Six Months June 30, 2008 2009 Combined 1 Change Revenue Passenger Miles (millions) (2) 92,013 100,745 (8.7%) Available Seat Miles (millions) (2) 114,769 122,974 (6.7%) Passenger Mile Yield (2) 12.50 14.61 (14.4%) Passenger Revenue per Available Seat Mile (PRASM) (2) 10.02 11.97 (16.3%) Operating Cost Per Available Seat Mile (CASM) (2) 12.02 22.81 (47.3%) CASM excluding Special Items (2) - See Note A 11.88 13.31 (10.8%) CASM excluding Special Items and Fuel Expense and Related Taxes (2,3) - See Note A 8.35 8.12 2.6% Passenger Load Factor (2) 80.2 % 81.9 % (1.7) pts Fuel Gallons Consumed (millions) (2) 1,908 2,093 (8.8%) Average Price Per Fuel Gallon, net of hedging activity (2) $ 2.16 $ 3.16 (31.6%) Number of Aircraft in Fleet, End of Period 1,017 1,031 (14) aircraft Full-Time Equivalent Employees, End of Period 82,968 91,694 (9.5%) Mainline: Revenue Passenger Miles (millions) 79,617 88,017 (9.5%) Available Seat Miles (millions) 98,369 106,499 (7.6%) Operating Cost Per Available Seat Mile (CASM) 11.14 22.95 (51.5%) CASM excluding Special Items - See Note A 10.99 11.98 (8.3%) CASM excluding Special Items and Fuel Expense and Related Taxes - See Note A 7.48 7.23 3.5% Fuel Gallons Consumed (millions) (2) 1,533 1,706 (10.1%) Average Price Per Fuel Gallon, net of hedging activity (2) $2.28 $3.07 (21.9%) Number of Aircraft in Fleet, End of Period 759 789 (30) aircraft 1 Data presented reflects operations for both Delta and Northwest for the June 2008 quarter. 2 Data presented includes operations under our contract carrier arrangements. 3 Excludes $407 million and $942 million, for the six months ended June 2009 and 2008, respectively, for fuel expense incurred under contract carrier arrangements.

Page 13 Note A: The following tables show reconciliations of non-gaap financial measures. The reasons Delta uses these measures are described below. Delta completed its merger with Northwest Airlines on October 29, 2008. Accordingly, Delta s financial results under GAAP include the results of Northwest Airlines for the period January 1, 2009 through June 30, 2009. Under GAAP, Delta does not include in its financial results the results of Northwest Airlines prior to the completion of the merger. Accordingly, Delta s financial results under GAAP for the June 2008 quarter do not include the results of Northwest Airlines for that period. This impacts the comparability of Delta s financial statements under GAAP for the June 2009 and 2008 quarters. Delta presents its financial results for the June 2009 and June 2008 quarters under GAAP as well as on a combined basis. Combined basis means the company combines the financial results of Delta and Northwest as if the merger had occurred prior to the beginning of the applicable period. Delta believes presenting this financial information on a combined basis provides a more meaningful basis for comparing Delta s year-over-year financial performance than the GAAP financial information. This press release also includes guidance for the September 2009 quarter. Please note the year-over-year guidance comparisons assume the 2008 financial statements for the applicable periods were prepared on a combined basis, excluding special items and out-of-period fuel hedge losses. Delta is unable to reconcile certain forward-looking projections to GAAP, including projected consolidated cost per available seat mile (CASM) and Mainline non-fuel CASM, as the nature or amount of special items cannot be estimated at this time. Delta excludes special items because management believes the exclusion of these items is helpful to investors to evaluate the company s recurring operational performance. Delta excludes non-cash mark-to-market (MTM) adjustments related to fuel hedges settling in future periods in order to present financial results related to operations in the period shown. Delta presents consolidated and Mainline CASM excluding fuel expense and related taxes because management believes the volatility in fuel prices impacts the comparability of year-over-year financial performance. Consolidated and Mainline CASM excludes transactions with third parties as these costs are not associated with the generation of a seat mile. These transactions include expenses related to Delta s providing maintenance services, staffing services and dedicated freighter operations as well as Delta s vacation wholesale operations. Delta presents free cash flow because management believes this is a widely used metric that is helpful to investors to evaluate cash available to enhance shareholder value. Delta presents net investing activities because management believes this metric is helpful to investors to evaluate the company s investing activities. Delta presents total issuance of debt and total debt and capital lease payments because management believes this metric is helpful to investors to evaluate the company s debt related activities. We have reclassified certain prior period amounts to be consistent with our current period presentation.

Page 14 DELTA AIR LINES, INC. Unaudited Combined Statements of Operations Three Months June 30, 2008 (in millions) Delta 1 Northwest 1 Special Items Combined OPERATING REVENUE: Passenger: Mainline $ 3,627 $ 2,638 $ - $ 6,265 Regional carriers 1,143 506-1,649 Total passenger revenue 4,770 3,144-7,914 Cargo 160 213-373 Other, net 569 232-801 Total operating revenue 5,499 3,589-9,088 OPERATING EXPENSE: Aircraft fuel and related taxes 1,678 1,185 253 Salaries and related costs 1,092 748 (15) 8 7 3,116 1,825 Contract carrier arrangements 967 281-1,248 Aircraft maintenance materials and outside repairs 295 186-481 Contracted services 257 207-464 Passenger commissions and other selling expenses 248 224-472 Depreciation and amortization 302 745 (624) Landing fees and other rents 173 143-316 Aircraft rent 67 56-123 Passenger service 105 66-171 Impairment of goodwill and other intangibles 1,196 (76) (1,120) Restructuring and merger-related items 104 - (104) Other 102 123 (14) Total operating expense 6,586 3,888 (1,624) 8,850 OPERATING LOSS (1,087) (299) 1,624 238 OTHER (EXPENSE) INCOME: Interest expense (141) (108) - (249) Interest income 25 24-49 Miscellaneous, net 40 (208) 213 Total other expense, net (76) (292) 213 (155) LOSS BEFORE INCOME TAXES (1,163) (591) 1,837 83 INCOME TAX BENEFIT 119 214 (333) NET LOSS ($1,044) ($377) $ 1,504 $ 83 Notes: Combined Contract carrier arrangements expense includes $517 million for fuel expense incurred under these arrangements. 1 We reclassified prior period amounts to conform to current presentations 2 $1,120 in goodwill and other intangible asset impairments 3 $99 in merger related charges and $5 in facilities restructuring 4 $14 in merger-related legal charges 5 2 3 4 6 9 423 - - 211 45-5 6 7 8 9 $624 amortization related to fixed asset and intangible asset impairments $213 impairment of investment in subsidiary $15 of retention payments related to the merger $253 in out of period fuel hedges $333 tax charge related to impairment of goodwill and intangible assets

Page 15 DELTA AIR LINES, INC. Unaudited Combined Statements of Operations Three Months September 30, 2008 (in millions) Delta 1 Northwest 1 Special Items Combined OPERATING REVENUE: Passenger: Mainline $ 3,921 $ 2,801 $ - $ 6,722 Regional carriers 1,057 550-1,607 Total passenger revenue 4,978 3,351-8,329 Cargo 162 202-364 Other, net 579 260-839 Total operating revenue 5,719 3,813-9,532 OPERATING EXPENSE: Aircraft fuel and related taxes 1,952 1,946 (250) Salaries and related costs 1,086 706 (18) 5 2 3,648 1,774 Contract carrier arrangements 941 275-1,216 Aircraft maintenance materials and outside repairs 273 168-441 Contracted services 272 198-470 Passenger commissions and other selling expenses 259 226-485 Depreciation and amortization 293 122-415 Landing fees and other rents 179 144-323 Aircraft rent 70 57-127 Passenger service 122 65-187 Restructuring and merger-related items 24 1 (25) Other 117 123 (10) Total operating expense 5,588 4,031 (303) 9,316 3 4-230 OPERATING INCOME (LOSS) 131 (218) 303 216 OTHER (EXPENSE) INCOME: Interest expense (140) (112) - (252) Interest income 21 21-42 Miscellaneous, net (62) (5) - (67) Total other expense, net (181) (96) - (277) LOSS BEFORE INCOME TAXES (50) (314) 303 (61) INCOME TAX PROVISION - (3) - (3) NET LOSS $ (50) $ (317) $ 303 $ (64) Notes: Combined Contract carrier arrangements expense includes $497 million for fuel expense incurred under these arrangements. 1 We reclassified prior period amounts to conform to current presentations 2 $18 of retention payments related to the merger 3 $14 in contract carrier restructuring, $11 in facilities and merger related charges 4 $10 in merger-related charges 5 $250 in out of period fuel hedges

Page 16 Three Months June 30, 2009 (in millions) Net loss ($257) Items excluded: Restructuring and merger-related items 58 Net loss excluding special items ($199) Basic and diluted weighted average shares outstanding 827 Basic and diluted loss per share excluding special items ($0.24) Three Months (in millions) June 30, 2009 Net loss excluding special items ($199) Items excluded: Fuel hedge losses on contracts that settled in 2009 390 Net profit excluding fuel hedge losses and special items $191 Three Months (in millions) June 30, 2009 GAAP Net cash provided by operating activities $834 GAAP Net cash used in investing activities (132) Adjustments: Change in short term investments 73 Aircraft purchases under seller financing (266) Total free cash flow $509 Three Months (in millions) June 30, 2009 Net cash used in investing activities (GAAP) (132) Adjustments: Change in short-term investments 73 Aircraft purchases under seller financing (266) Net investing activities ($325)

Page 17 Three Months June 30, 2009 (in millions) Payments on long-term debt and capital lease obligations ($355) Adjustment: Payments on accounts receivable financing facility (45) Total debt and capital lease payments ($400) Three Months June 30, 2009 (in millions) Proceeds from long-term obligations $64 Adjustments: Aircraft purchases under seller financing 266 Total issuance of debt $ 330 Three Months June 30, 2008 Passenger (in millions, except unit data) Delta Northwest Combined Mile Yield PRASM Passenger and operating revenue Domestic $2,071 $1,550 $3,621 14.04 12.08 Atlantic 1,141 464 1,605 13.10 10.85 Latin America 333 32 365 13.05 10.36 Pacific 82 592 674 11.87 10.11 Total mainline 3,627 2,638 6,265 13.47 11.40 Regional carriers 1,143 506 1,649 24.52 19.54 Total passenger revenue 4,770 3,144 7,914 14.87 12.48 Cargo 160 213 373 Other, net 569 232 801 Total operating revenue $5,499 $3,589 $9,088 Six Months June 30, 2008 Passenger (in millions, except unit data) Delta Northwest Combined Mile Yield PRASM Passenger revenue $8,870 $5,852 $14,722 14.61 11.97

Page 18 Three Months June 30, 2009 2008 2008 GAAP Combined GAAP Consolidated CASM 11.86 16.52 17.00 Transactions with third parties and other (including fuel) (0.31) (0.53) (0.34) CASM excluding items not related to generation of a seat mile 11.55 15.99 16.66 Items excluded: Impairment of goodwill and other assets - (2.75) (3.09) Restructuring and merger-related items (0.10) (0.21) (0.27) MTM adjustments to fuel hedges settling in future periods - 0.40 - CASM excluding special items 11.45 13.43 13.30 Fuel expense and related taxes (excluding fuel related to transactions with third parties) (3.39) (5.55) (5.32) CASM excluding fuel expense and related taxes and special items 8.06 7.88 7.98 ASMs 59,029 63,399 38,736 Three Months June 30, 2009 2008 2008 GAAP Combined GAAP Consolidated operating expense 6,999 10,474 6,586 Less regional carriers operating expense (1,452) (1,846) (1,344) Mainline operating expense 5,547 8,628 5,242 Mainline CASM 10.96 15.70 15.93 Transactions with third parties and other (including fuel) (0.34) (0.62) (0.41) Mainline CASM excluding items not related to generation of a seat mile 10.62 15.08 15.52 Items excluded: Impairment of goodwill and other assets - (3.18) (3.63) Restructuring and merger-related items (0.11) (0.24) (0.32) MTM adjustments to fuel hedges settling in future periods - 0.46 - Mainline CASM excluding special items 10.51 12.12 11.57 Fuel expense and related taxes (excluding fuel related to transactions with third parties) (3.31) (5.06) (4.69) Mainline CASM excluding fuel expense and related taxes and special items 7.20 7.06 6.88 ASMs 50,605 54,960 32,902

Page 19 Six Months June 30, 2009 2008 GAAP Combined CASM 12.34 23.33 Transactions with third parties and other (including fuel) (0.32) (0.52) CASM excluding items not related to generation of a seat mile 12.02 22.81 Items excluded: Impairment of goodwill and other assets - (9.58) Restructuring and merger-related items (0.14) (0.13) MTM adjustments to fuel hedges settling in future periods - 0.21 CASM excluding special items 11.88 13.31 Fuel expense and related taxes (excluding fuel related to transactions with third parties) (3.53) (5.19) CASM excluding fuel expense and related taxes and special items 8.35 8.12 ASMs 114,769 122,974 Six Months June 30, 2009 2008 GAAP Combined Consolidated operating expense 14,166 28,688 Less regional carriers operating expense (2,820) (3,588) Mainline operating expense 11,346 25,100 Mainline CASM 11.53 23.57 Transactions with third parties and other (including fuel) (0.39) (0.62) Mainline CASM excluding items not related to generation of a seat mile 11.14 22.95 Items excluded: Impairment of goodwill and other assets - (11.06) Restructuring and merger-related items (0.15) (0.15) MTM adjustments to fuel hedges settling in future periods - 0.24 Mainline CASM excluding special items 10.99 11.98 Fuel expense and related taxes (excluding fuel related to transactions with third parties) (3.51) (4.75) Mainline CASM excluding fuel expense and related taxes and special items 7.48 7.23 ASMs 98,369 106,499